DislikedSince Mr pipo has provided the excellent excel sheet I did the back test on
candle ( four Hours)
Thursday us close candle 10/10/2008
Friday Asia first 4 hour candle closed 10/10/2008
Ie you will enter trade on the third candle of friday and the result of some of the currency are as follows
Report
EU/AUD BUY ( four hour candle)
open price 2.0325 close price 2.0650 pip 325 GAINED
GBP/JPY SELL
OPEN 168.25 CLOSE 166.6 PIP 165 GAINED
GBP/US$ SELL
OPEN 1.7015 CLOSE 1.6833 182 GAINED
This shows even if you are little bit late in entry you can still make the pip
and coming back to high or low of the candle as mentioned above the stop
loss could have been between 100 to 150,but I think other currency pair
will offset the the high or low. Get out if you have made good pip
There were 15 trades on the above candleIgnored
Looks promising !!. May be we can all make some Green pips next week.LOL